ICE canola market rebounding slightly

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Nov. 27, 2018 (CNS Canada) – ICE Futures canola contracts were stronger at midday Monday, as oilseed markets rebounded following yesterday’s losses.
Chicago Board of Trade soybean, meal and oil contracts were all higher after Monday’s sharp losses. However, canola wasn’t seeing as much of a rebound as the soy complex as it didn’t fall as much as soy did.
“It’s sort of re-balancing a little bit. Obviously the overall environment in the oilseeds remains weak, even with small rebounds today…the overall environment remains soft,” said a Winnipeg-based trader. He added that it’s hard to know exactly how low canola contracts will go, but overall there isn’t a lot of support for the market.

Read Also

North American grain/oilseed review: Canola rises Tuesday

Glacier FarmMedia — The ICE Futures canola market was stronger on Tuesday, moving back above some key technical levels in…

Oilseed traders are still anxiously awaiting the results of Friday’s G20 meeting between United States President Donald Trump and Chinese President Xi Jinping in Argentina. Yesterday Trump said it is highly likely he will place more tariffs on China.
“Even if we get news on trade with China it’s only temporarily supportive. But it looks like the way this meeting at the end of the week is shaping up is that the trade is becoming convinced that there’s not much likely to come from it,” said the trader.
About 9,900 canola contracts had traded as of 10:34 CST.